Currently, car insurance is still cheaper for women than for men. Women are still considered low risk drivers as men tend to have more accidents and therefore make more claims.

Insurance premiums are high for men and women but are showing signs of coming down. Being a women still helps in this respect as the average cost of a comprehensive insurance policy for females aged 17-20 is £1,869. For men the average cost is £3, 635, which is almost double.

However, not for much longer will insurers be able to discriminate in this way. New legislation comes into effect on 21st December 2012 in which insurers will have to do away with current method of distinguishing high and low risk drivers and adopt a new process.

Although the average cost of comprehensive car insurance is decreasing, the rise of personal injury claims and the overall expense of the claims are increasing. This means that women are likely to be already affected by the new legislation due to come in at the end of the year. Some women in particular areas of the UK, namely London, Leeds, Sheffield, Merseyside and Manchester have seen their insurance rise in anticipation of the changes.

Some insurers may decide to look at your postcode in order to establish whether you use your vehicle in a high risk area but potential methods are not known at this time.

It is clear, though, that a new trend in dealing with policies for men and women is emerging. Whilst young men still make more claims, and consequently pay more, an increase in premiums for young women is likely to occur soon.

Academy Insurance is a specialist insurance broker with over 15 years of experience. We continue to provide a range of competitive insurance policies that are designed to meet drivers’ needs.

Why not call to see what we can do?